TITLE AGENTS/ESCROW AGENTS/ABSTRACTORS ERRORS & OMISSIONS APPLICATION APPLICANT S INFORMATION: APPLICANT NAME: BUSINESS NAME: INSPECTION CONTACT: MAILING ADDRESS: PHONE: INSURED ADDRESS: Same as above Corporation Individual Partnership Municipality For Profit Joint Venture Other: A. IDENTIFICATION 1. a. Date in which current Firm was established b. Date present management assumed control 2. If the name of the Firm has ever changed, or if there has been a consolidation, dissolution, or change in business structure, please provide a detailed list of each firm in chronological order, indicating the date and nature of each (ie. merger, name change). Name of Predecessor Firm(s) Date of Change Nature of Change B. COVERAGE REQUEST 1. Requested Effective Date 2. Requested Limits: $100,000/$300,000 n $500,000/$500,000 n $300,000/$600,000 n $1,000,000/$1,000,000 Requested Deductible (Per Claim): $1,000 $5,000 $2,500 $10,000 3. Total gross annual revenues: a. Latest Fiscal Year: $ b. Projected Next Fiscal Year: $ C. ELIGIBILITY 1. Please indicate, in percentage form, what source(s) title data is compiled from: (Must total 100%) In House Index % Courthouse Records % Title Insurance Co. Plant % Outside Abstractor/Searcher % Other % (please specify): 2. Please indicate in percentage form, who performs the Title Searches for the firm: Firm % Outside Source % (Please complete the next section for each outside source(s). Use Section E on page 4 if additional space is required) E&O-TA Page 1 of 6 11-01
Outside Source Name Address City State Zip Years Experience in Abstracting/Searching Files Do they carry E & O Insurance? No n Yes If Yes, please complete the following: Insuring Company Limits of Liability Policy Number Expiration Date 3. Indicate the number of staff ACTIVE within your firm in the appropriate categories below: (COUNT EACH PERSON ONLY ONCE). a. Officers, Owners, Partners, Principals, and Shareholders. b. Full-time professionals including: Abstractors, Accountants, Attorneys, Closers, Directors, Examiners, Managers, Searchers, Supervisors, etc. (exclude those listed in "a" above) c. Part-time professionals including: Abstractors, Accountants, Attorneys, Closers, Directors, Examiners, Managers, Searchers, Supervisors, etc. who have worked more than 20 (8 hour) days during the last 12 months. (exclude those listed in "a" above) d. Full-time clericals including: Bookkeepers, Disbursers, Marketing Representatives, Processors, Receptionists, Secretaries, Shippers, Typists, Warehousers, etc. e. Part-time clericals including: Bookkeepers, Disbursers, Marketing Representatives, Processors, Receptionists, Secretaries, Shippers, Typists, Warehousers, etc. who have worked more than 20 (8 hour) days during the last 12 months. 4. For all the agents and abstractors, provide the years of experience for each. Name Title Job Description Years Experience 5. a. Gross Revenue for the past 12 months: b. Estimated Revenue for the next 12 months: Title Policy Commissions $ $ Escrow/Closing Fees $ $ Abstracting/Searching Fees $ $ Other $ $ (explain) TOTAL $ $ 4. What is the approximate percentage breakdown of your total gross revenues for the last 12 months for the following categories or realestate? a. Residential % d. Oil/Gas % b. Commercial/Industrial % e. Precious Metals/Minerals (ie., coal, gravel, etc.) % c. Agricultural % f. Other (please describe) % 5. In what City or County courthouses are you performing searches? E&O-TA Page 2 of 6 11-01
6. Do these courthouses have computer, hand written or both recording systems? 7. Are the courthouses you are searching current in recording liens, mortgages, judgements, etc.? NoY Yes If NO, what is the average delay in recording new items? 8. What are your procedures if a courthouse is not current in recording new items? 9. List the Title Underwriters the firm represents: 10. List the States and Counties where the firm conducts business: 11. Does any Title Insurance Company, or any other entity, have ownership interest in the firm or vice NoY Yes versa? If YES, please explain relationship between entities and include percentage owned: 12. Is the entity in #13 above active in management of the firm? If YES, please explain: NoY Yes 13. Does any one client represent 50% or more of the firm's gross income? If YES, please provide NoY Ye name of client, percentage of income, and relationship between entities: 14. Has the firm or any owner, partner, shareholder, principal, officer or employee ever had an agency NoY Yes appointment denied, cancelled or non-renewed? If YES, please explain: 17. Is any owner, partner, shareholder, principal, officer or employee involved in any other business or NoY Yes Entity on either a part-time or full-time basis? If YES, explain activity and include hours per week and income in area provided in section E. D. PRIOR EXPERIENCE 1. Has the firm or any member of the firm ever had an insurance company decline, cancel, refuse to NoY Yes renew or accept only on special terms, any professional liability or errors and omissions insurance? If YES, please explain: 2. Has the firm or any member of the firm ever been subject to disciplinary action by a state licensing NoY Yes Agency or other regulatory body, or has any member of the firm ever been charged with any felony or misdemeanor? If YES, please explain: E&O-TA Page 3 of 6 11-01
3. Have any claims or suits involving services rendered as a Title Agent, Escrow Agent and/or Abstractor NoY Yes or other professional services been made during the past ten (10) years against(a) the firm or a predecessor in business, (b) any owner, partner, shareholder, principal, officer or employee, or (c) any independent contractor or outside source? If YES, number of claims, please complete a separate Supplemental Claim Information Form for each claim. 4. Having inquired of all owners, partners, shareholders, principals, officers, employees, independent NoY Yes contractors and outside sources, are there facts or circumstances of which the firm is aware may result in a claim being made against the firm, its predecessors, or past or present owners, partners, shareholders, principals, officers, employees, independent contractors or outside sources? If YES to question 3 or 4 above, please complete the attached supplementary claim form for each claim. disclosed in item E4 or 5 above shall be excluded from any policy which may be issued. E. SUPPLEMENTAL INFORMATION (use this area to provide additional information; attach a separate sheet if necessary) Question # Additional Information F. SIGNATURES - THIS APPLICATION MUST BE SIGNED BELOW BY ALL OWNERS, PARTNERS AND PRINCIPALS. The firm hereby authorizes the insurance company, its agents and representatives to secure information from its current and previous insurance carriers. NO INSURANCE SHALL BE GRANTED UNLESS ALL QUESTIONS ARE ANSWERED. NO INSURANCE SHALL BE GRANTED UNLESS ALL QUESTIONS ARE ANSWERED. * Any person who knowingly and with intent to defraud any insurance company or other person files an application for insurance or statement of claim containing any materially false information, or conceals for the purpose of misleading, information concerning any fact material thereto, may be committing a fraudulent insurance act, and may be subject to a civil penalty or fine. * not applicable in all states Signature Title Date Signature Title Date E&O-TA Page 4 of 6 11-01
SUPPLEMENTAL CLAIM INFORMATION ERRORS & OMISSIONS APPLICATION INSTRUCTIONS: 1. This form is to be completed when the Applicant has been involved in any claim or is aware of an incident which may give rise to a claim. COMPLETE ONE FORM FOR EACH CLAIM OR INCIDENT. 2. If space is insufficient to answer any questions fully, attach a separate sheet. 3. Answer all questions completely. (PLEASE TYPE OR PRINT) 1. Legal name of firm: 2. Full name of Individual(s) or firm involved in the claim: 3. Full name of Claimant: 4. Indicate whether: CLAIM SUIT ACT, ERROR OR OMISSION ONLY (No Claim or Suit) 5. Date and location of alleged act, error or omission: 6. Date of claim: Date reported to Insurance Company: 7. Additional defendants: 8. CLAIM STATUS (check and complete one) Pending: Claimant s settlement demand? $ Defendant s offer for settlement? $ Insurer s loss reserve? $ Closed with a payment made by or on behalf of the firm and/or individual(s) listed in questions #2 above: Total loss paid including deductible(s)? $ Paid by: Indicate whether: COURT JUDGEMENT (or) OUT OF COURT SETTLEMENT Date closed: (Please attach a copy of the final order and/or the settlement agreement.) Closed without payment: Indicate whether: COURT JUDGEMENT (or) CLAIM DROPPED (Please attach a copy of the final order if applicable) 9. Name(s) of Insurer(s) responding to this claim or incident. Policy Number: Limits of Liability: Deductible: 10. DESCRIPTION OF CLAIM, SUIT OR INCIDENT: E&O-TA Page 5 of 6 11-01
A. Description of alleged act, error or omission upon which claim is based: B. Description of the type and extent of injury or damage allegedly sustained: C. Explain what action(s) have been taken to prevent reoccurrence of a similar claim: D. Was Engagement Letter used? No Yes I declare that the information submitted herein is true to the best of my knowledge and becomes a part of my Professional Liability Application. I understand that an incorrect or incomplete statement could void my protection. Signature Title Date (Must be signed by a Principal, Partner or Officer of the Firm.) E&O-TA Page 6 of 6 11-01